ActivumSG retirement villages to span ‘continuum’ of needs
Jersey-based property fund manager ActivumSG Capital Management has established a platform to develop and operate retirement villages in the UK which are designed to provide different levels of care, “spanning the full continuum” of needs.
The platform has been established between the ActivumSG Real Estate Fund VII and the former senior management team of Richmond Villages.
The first retirement villages will be established in Birmingham’s Edgbaston district and at Stoneham Park, near Southampton. Work will commence in the second half of this year with delivery slated for 2024. These two villages have a projected gross development value of £220 million. The two developments will provide a total of 290 independent and assisted living apartments for sale, all benefitting from a centrally integrated leisure, amenity and care hub, offering a further 90 care bedrooms.
The villages add, “a new geography to our residential strategies,” said ActivumSG founder and CEO Saul Goldstein. “We’re no strangers to the opportunities in senior housing, arising from the shortage of purpose-built homes for Europe’s ageing populations. We started in Germany in 2016 with specialist developer Carestone, which is going from strength to strength.”
The new platform’s management team is led by Paddy Brice and Paul Jackson who have worked together for more than 15 years, primarily at Richmond Villages which developed and operated a number of villages.
Four years after Richmond Villages’ sale to Bupa in 2013 the team, backed by a private care home investor, secured the Birmingham and Southampton sites, obtained planning consents and established a pipeline of similar projects.
